IK buys Norwegian IT company TeleComputing

Exiting investor Ferd said it would realise well in excess of NOK 1bn from its investment, which netted the Norwegian firm "a particularly high IRR".

The acquiring GP drew on capital from its IK VII fund, a 2011-vintage €1.4bn vehicle. The deal highlights a continuing trend in the Nordic countries of GPs investing in the region's IT services sector.

Previous funding
TeleComputing was listed on the Oslo Stock Exchange in 2000, with Norwegian VC Convexa Capital buying a NOK 20m minority stake the following year.

In January 2010, Ferd invested in TeleComputing through a joint vehicle that acquired 97.5% of the company's share capital in a NOK 670m deal. Ferd's stake amounted to 45%, increasing to 90% over the course of the investment, which also saw TeleComputing delisted.

Company
Founded in 1997, TeleComputing is a Norwegian IT services provider in the Nordic region. Headquartered in Asker, the company provides IT outsourcing, centralisation of IT operations and system integration, focusing on the SME segment.

TeleComputing employs a staff of 850 and generated revenues of NOK 1.3bn in 2014.

People
IK Investment Partners – Thomas Klitbo (partner).
Ferd Capital – Peter Sunde (investment director); John Giverholt (CEO).
TeleComputing – Sven Tore Kaasa (CEO).

Advisers
Vendor – Fondsfinans (Corporate finance); Advokatfirmaet CLP (Legal).

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